$GME isn’t buying eBay.

@ryancohen is doing what he always does.

The media is framing GameStop’s eBay bid as an acquisition.

It’s not.

Ryan Cohen is running a textbook activist investor playbook and the same one he used on GameStop itself.

Let me break it down. The Playbook:

Step 1: build your stake quietly.

GameStop’s FY2025 10-K disclosed ~$700 million in cash pledged as collateral for derivative.

Let’s say that’s a total return swap. And at standard prime broker leverage, $700M in collateral gets you $2-3.5 billion in notional exposure.

At eBay’s pre-leak price of ~$95-100?

That’s roughly a 10% stake in the company.

Built in silence. Buried in the 10k.